The bank’s CEO Johann Strobl said that a simpler way of deconsolidation by selling a business in the Russian Federation has not been found.
Austrian Raiffeisen Bank International does not intend to exit the Russian market by the end of this year. This was said by the bank’s CEO Johann Strobl, APA reports.
“In the past, we mentioned a possible divestment date of December 31, which now seems very unlikely,” the official said.
He noted that before deciding to separate the Russian subsidiary, all possibilities for its sale should be exhausted. In general, both options – be it the sale or alienation of the Russian business – will remain possible.
According to him, the reason for the postponement of the schedule for the alienation of the Russian daughter is the following – they still have not found an easier way to deconsolidate through the sale. The bank has to get a lot of regulatory approvals in Russia and Europe, so it’s unclear how long it will take.
Let us recall that the NAPC included the Austrian banking group Raiffeisen Bank International in the list of international sponsors of the war for continuing to work on the territory of the aggressor country Russia and for the official recognition of the so-called “DPR” and “LPR ”.
In March 2023, it was reported that Raiffeisen Bank International was looking to sell or divest its Russian subsidiary.
However, in July, Raiffeisen Bank International postponed plans to exit the Russian financial market. This happened against the backdrop of the fact that Austria is constantly trying to protect its relations with the Russian Federation.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.